Thursday, October 9, 2014


Isn't change wonderful?  Look what's happened in 24 hours.  Yesterday the DOW was up almost 300 on the news that the Fed was sitting pat.  Today, as I write it is down 300 on the news that Draghi has proclaimed that the EU recovery has stalled and indeed, is in reversal.  The dollar is up which is now agreed to be a bad thing…I think…money keeps pouring into the U.S. and the Euros are getting madder and madder at each other whilst waiting for someone to fix this thing rather than looking in a mirror.  One small good sign today was the news that the Italians have reportedly laid the groundwork for an overhaul of their crazy labor laws to which Massimo, in a response to my question on the same, replied, "Bah!"  That's Italian for it's too dumb to talk about.

Now to make a somewhat bleak situation look even bleaker, today marks the beginning of the World Bank/IMF conference in Washington, which, even surpassing Davos, is the greatest waste of time and money ever devised but as I have oft-mentioned manna for all the limo drivers and…ah…escorts for a two hundred mile area around Washington.  Fortunately for us, My Really Smart Friend, Larry will be there so we will have excellent reporting beginning next week on all the exciting goings-on that will shape our future for at least 24 hours.  I can't wait.

Big weekend here in the fly-over zone so I shall be silent until Monday.  Good football game too and the weather…well, if I could bottle it I could make a buck.  I'm planning on having a fine time.

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